UNHEARD TRADE FACTS OF THE PHILIPPINES EXPORT DATA AND VIETNAM IMPORT DATA

ABSTRACT

In this blog, we will uncover some of the recent facts and figures about the international trading scenario of the two major Asian countries – the Philippines and Vietnam. We will try to analyze the current facts and the trends followed by both countries with respect to the Philippines Import Data and Vietnam Import Data respectively.

We will try to understand what a trade gap is and whether any steps are taken by the Philippines to reduce it or not. Following this, we will discuss how Vietnam imported the highest number of automobiles in the year 2022 by studying Vietnam Import data for that year.

THE PHILIPPINES TRADE GAP NARROWED IN 2021

Trade Gap is a condition where a nation tends to buy more goods from other countries as compared to selling them. In simple terms, the trade gap arises when the expenses made on procuring goods become more as compared to the income generated through selling the goods.

After studying the Philippines Export Data for the year 2021, we get to know that the trade gap between imports and exports is reducing as the country is doing well with exports in the last quarter of the year. It was observed that the trade deficit or negative balance of payments amounted to USD 3.68 billion in November, which was roughly 22% less than last year.

If we talk in the overall sense, then it is clear from the Philippines Export Data 2021 that external trade of the country grew by 3.7% amounting to USD 17.9 billion. In the month of November 2021, the country exported worth USD 7 billion, where the major contribution was of electronic gadgets, USD 4.58 billion.

According to the Philippines Export Data for the year 2021, if the nation keeps on working constantly on rising its exports and reducing its imports, then the nation would start experiencing a positive trade balance.

 

THE RISE OF VIETNAM IMPORT DATA – STATISTICS AND INSIGHTS

 The year 2021 was an amazing year for the Vietnamese market. The same was the case in the year 2022 when the country imported goods worth USD 729 billion as mentioned in Vietnam Import Data of the year 2022.

Amongst all the goods imported, the top 5 goods that were considered as the major imports to Vietnam in the year 2022 and mentioned in Vietnam Import Data are as follows:

·        PCs, electrical parts, and products (18% of total imports)

·        Machine instruments and items (16% of total imports)

·        Telephones (8% of total imports)

·        Textile fabrics (5% of total imports)

·        Metals like iron and steel (4% of total imports)

We also have the list of the top import partners of Vietnam as mentioned in Vietnam Import Data for the year 2022. They were as follows:

·        China (28% of total imports)

·        South Korea (22% of total imports)

·        Japan (8% of total imports)

·        Taiwan (6% of total imports)

·        Thailand (5% of total imports)

LAST VERDICT

In the end, we just hope that you liked the information that we provided to you and that it helped you in your value addition. Our last verdict on this current scenario is that the Philippines would be trying to reduce the trade gap further by increasing their exports so the nation can also enjoy a positive trade balance.

On the other hand, Vietnam is doing pretty well with its imports and helping its citizens to fulfill their demands. We only hope that Vietnam will keep a check on its balance of payments and not come on the negative side.

 

 

 

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